Colombia | Food prices push inflation in November to 5.26%.

Summary

Inflation in November had a monthly variation of 0.50% and reached 5.26% in annual terms. Food for home consumption was once again a protagonist in the month's result, with a monthly variation of 1.45%.

Key points

• Key points:
• Non-food inflation registered a monthly variation of 0.22%, higher than expected by the market and BBVA, reaching 2.73% in annual terms, 47 bps higher than in October.
• The upward performance of perishable foods stands out, which grew 2.07% m/m, due to reductions in supply as a result of the La Niña Phenomenon affecting the country. In annual terms, it was 17.4%.
• In line with expectations, the divisions that benefited from the No-VAT day had a much lower impact than that observed in October.
• Inflation would close the year at a similar level to that observed in November. In 2022, it would close near 3.9%.

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